The week commenced with secondary market bond activity continuing to remain dull as fuel price cuts failed to ignite sentiment. A limited amount of activity was seen on the eight year maturity of 1 July 2022 within the range of 8.20% to 8.25% while the rest of the yield curve remained stagnant. In secondary market bills, May 2015 and June 2015 bills were quoted at levels of 6.76/78 and 6.83/86 respectively.In money markets, the weighted averages on overnight call money and repo rates decreased further to 5.97% and 5.50% respectively as surplus liquidity stood at Rs. 29.16 billion yesterday.
Bourse firmer; turnover at over 4-month low
Stocks edged up slightly on Monday, erasing early losses in sluggish trade as investors were cautious due to the political uncertainty ahead of the 8 January presidential poll. The main stock index rose 0.04%, or 2.55 points, to close at 7,241.47.Turnover was Rs. 611 million ($4.7 million) on Monday, exchange data showed, the lowest since 28 July and well below this year’s daily average of Rs. 1.44 billion. Foreign investors were net buyers of Rs. 164.9 million worth of shares on Monday, extending purchases during the year to Rs. 21.92 billion, the data showed.
Rupee forwards end firmer on exporter dollar sales
Rupee forwards closed firmer on Monday as dollar selling by exporters and inward remittances outpaced the demand for the greenback from importers, dealers said. The spot currency and three-day forwards, or spot-next, were not traded after the Central Bank capped the currency at predetermined levels to prevent volatility, traders said. Central Bank officials did not offer comment on whether limits were placed on the rupee’s level.
Abans Rs. 2 b debenture up for grabs from today; Fitch assigns BBB+ rating
Abans Plc’s Rs. 2 billion listed debenture will be up for grabs from today whilst its official opening is 18 December. The company will issue 10 million rated, senior, unsecured, redeemable debentures at Rs. 100 each with an option to issue a further 10 million debentures in the event of an oversubscription of the original amount. Managers to the issue are Capital Alliance Partners Ltd. and People’s Bank Investment Banking Unit. Fitch Ratings said yesterday it has assigned Abans Plc’s (Abans; BBB+(lka)/Negative) senior unsecured redeemable debenture issue of up to Rs. 2 b a final National Long-Term rating of ‘BBB+(lka)’.
Browns Group’s entry into healthcare sector
Leading blue chip conglomerate, the Browns Group of Companies recently marked its significant entry into Sri Lanka’s healthcare sector with the soft opening of the Browns Hospital Ragama.Present on the occasion were Executive Chairman of the Browns Group Ishara Nanayakkara, the Board of Directors, Senior Management, Director / CEO of Browns Hospitals / Healthcare Dr. Sajeeva Narangoda, Consultants and Doctors. Blessing the launch of this new hospital took the form of a religious ceremony conducted by the multi-religious clergy.